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Do you know the difference between a Condo and a PUD?  

We hear these terms often but do you know the differences between them?  Let's find out:
 
Condo
A condominium can be one story, two stories or multi-story units. In a condo, each unit is individually owned and each owner receives a deed to the unit purchased. The condo owner has the right to sell, mortgage, etc. the unit. Ownership consists of everything within the walls of the unit including all amenities that are fastened to the ceiling, walls or floors, but not the land beneath the unit! The land that the condominiums are located on, is owned in common by all of the home owners in the condominium development.  

Everything outside of the walls such as hallways, lobbies, exercise rooms, laundry, clubhouse or pools, etc. is shared and owned by everyone.  Condo owners pay dues that cover exterior repairs, as well as the upkeep of the grounds and landscape.
PUD - (Planned Unit Development)
A PUD is a type of residential development where the homes are usually grouped together on lots that are smaller than usual and where there are large and open park-like areas within the development. Ownership is in fee simple, which is similar to most other residential homes that most people are familiar with. The common areas that are within the development are owned jointly by all the residents. 

Like a condo, a PUD will be operated by a homeowners association (HOA) to which every homeowner contributes monthly or quarterly fees based on their percentage of ownership in the overall project. Those HOA fees go toward covering amenities and maintaining services associated with that PUD. I n a PUD development the owners pay for their own exterior repairs and insurance.

Norman Hubbard knows a thing or two about real estate appraisals.  We've been in the real estate appraisal business for over 25 years!  

For a quick & efficient appraisal call  Norman Hubbard today or click on the "Order Appraisal Now" button below to get started! 

Norman Hubbard & Associates
Nationwide Appraisers 
(914) 997-1484
11 Holland Avenue
White Plains, NY  10603
neworders @normanhubbard.com